XSP (Mini-SPX) Options (with 100 Multiplier), and New CBOE Mini Options (with 10 Multiplier)

CBOE plans to introduce new Mini options with physical settlement on March 18. The new Mini options will represent a deliverable of 10 shares of an underlying security, whereas standard equity options represent a deliverable of 100 shares. The options symbol for the new Mini options will be the underlying security symbol followed by the number 7. www.cboe.com/mini

In addition, please note that the cash-settled Mini-SPX options (ticker XSP (1/10th the size of SPX, with a multiplier of 100)) have been listed since 2006 www.cboe.com/XSP


The Mini options are designed to provide added investment flexibility. For example, suppose an investor who holds 50 or 150 shares of AAPL or GOOG stock. The new mini options with tickers AAPL7 and GOOG7 could provide that investor with tools that have the potential to be more efficient and tailored for strategies that involve both stocks and options – strategies such as –


Here are the Mini options ticker symbols and multipliers —

Mini options with physical settlement; launching in March 2013 —  

AAPL7 10

AMZN7 10

GOOG7 10

GLD7 10

SPY7 10

Mini options with cash settlement; launched in 2005 —

XSP 100


Below are five year charts for AAPL stock and the XSP Index; note that each of the two securities have moved in different directions at times.

For more information, please visit the new CBOE Mini microsite at www.cboe.com/mini